Phoenix Global Resources PLC Additional Funding (6736M)
23 Septiembre 2021 - 12:59AM
UK Regulatory
TIDMPGR
RNS Number : 6736M
Phoenix Global Resources PLC
23 September 2021
23 September 2021
Phoenix Global Resources plc
("Phoenix" or the "Company")
Additional Funding
Phoenix Global Resources plc (AIM: PGR; BCBA: PGR), the upstream
oil and gas company, announces an update on its funding
arrangements.
The announcement of the Company's unaudited interim results on
14 September 2021, referenced the ongoing discussions with
Mercuria, the Company's major shareholder, to restructure the loan
facilities provided by Mercuria.
Whilst these discussions continue, Mercuria has agreed to
further increase the bridging facility by US$7.5 million to US$50.0
million, with the principal terms consistent with the terms of the
existing facility and the repayment date for principal and interest
extended to 31 December 2021 and has also agreed to extend the
interest payment grace period to 30 September 2021 for the
convertible facilities agreement and delay the first repayment date
to 31 December 2021. The loans will continue to be unsecured. The
increased facility will be used to fund the Company's planned work
programs.
For further information, please contact:
Phoenix Global Resources plc Nigel Duxbury T: +44 20 3912 2800
Shore Capital Toby Gibbs T: +44 20 7408 4090
Nominated Adviser and Joint David Coaten
Broker
Panmure Gordon John Prior T: +44 20 7886 2500
Joint Broker Atholl Tweedie
About Phoenix
Phoenix Global Resources is an independent oil and gas
exploration and production company focused on Argentina and listed
on both the London Stock Exchange (AIM: PGR) and the Buenos Aires
Stock Exchange (BCBA: PGR) and offers its investors an opportunity
to invest directly into Argentina's Vaca Muerta shale formation and
other unconventional resources. The Company has over 0.9 million
licenced working interest acres in Argentina (of which
approximately 0.7 million are operated), 18.8 million boe of
working interest 2P reserves and average working interest
production of 4,549 boepd in 2020. Phoenix has signi cant exposure
to the unconventional opportunity in Argentina through its
approximately 0.6 million working interest acres with Vaca Muerta
and other unconventional potential.
The Company's website is www.phoenixglobalresources.com
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September 23, 2021 01:59 ET (05:59 GMT)
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